Qatar, the world’s largest exporter of liquefied natural gas (LNG), will invest in Pakistan’s next import terminal to serve one of the fastest-growing markets for supercooled fuel.
According to persons acquainted with the situation, Qasim Terminal Holding Co., a subsidiary of Qatar Energy, has approached the government of Pakistan for permission to acquire stakes in Energas Terminal Pvt, reported BloombergNEF.
Qatar Energy and Energas have yet to comment with reference to this development, while the Competition Commission of Pakistan has also declined to make an official statement in this regard.
The report says that the development has taken place as Qatar expects to significantly boost production over the next 10 years while hunting for new fuel buyers. With its latest long-term arrangement set to begin this year, Qatar is currently Pakistan’s largest gas supplier.
With a capacity to import 1 billion cubic feet of gas per year, the Energas terminal will be the country’s largest. Pakistan has two LNG terminals, and Energas and Mitsubishi Corp. of Japan are competing to build the country’s first two private plants.
It has been determined that over the next five years, Pakistan, Bangladesh, and Thailand will dominate LNG expansion in upcoming Asia markets. According to BloombergNEF, the LNG imports of these countries will nearly quadruple between 2021 and 2025.